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One.Tel managers back in business
12 Feb 2002
Mark Silbermann and Kevin Beck, once senior managers in the collapsed phone company One.Tel, are about to launch a new venture – Tele One.
The new company will be based in Macquarie Street, Sydney. It has already purchased many of One.Tel’s auctioned-off furniture and fittings and many of the new venture’s staff are ex-One.Tel employees. Tele One will predominantly be a reseller of long-distance services; its owners don’t intend to enter the mobile phone or local calls markets. Understandably, many of One.Tel’s creditors are less than impressed. Roadhound’s Ben Sharma, an importer of mobile phones, is still owed $5.8 million, and courier company Allied Express is owed $224,000, says its credit manager Graham Farrell.
Tele One has reportedly been financed by private equity from “confidential sources” and Silbermann claims that it has $3 million in the bank. Ex-One.Tel director Jodee Rich has commented that he hopes to be involved in the future but ASIC is trying to bar both him and Silbermann from being directors or managers of Australian companies.
The Age, Business p1/5, 12/2/02
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